Allianz Research

Powering ahead:
Global Wealth Report 2025

Russian dolls: unwrapping corporate (commodity) dependencies

Global trade exposure to the Russian and Ukrainian economies is limited and has been declining over the past year, which will restrict the direct impact of the war to certain countries (eg. Belarus, Moldova, Poland, Turkey) and sectors (oil & gas, fertilizers, metals, agrifood). 

Economic Outlook: Energy, trade and financial shockwaves

The Russian invasion of Ukraine has brought back significant headwinds to the global economic recovery and raised wider geopolitical risks. We have cut our global growth forecast to +3.3% in 2022 and +2.8% in 2023, revised on the downside by -0.8pp and -0.4pp respectively. 

The (energy) price of war: when inflation bites US savings

The US economy is less directly exposed to the economic consequences of the invasion of Ukraine compared to Europe. But surging energy prices will drive inflation even higher.